John Jewkes examined the case for vertical integration and compared the

somewhat different experience of the U.S. and U.K. He notedthat the arguments

most commonly proposed for vertical integration were:

Seizing of intermediate profits, improvement of technical processes

through continuous operation, and guaranteed secure access raw materials

and markets.

Avoiding hold-up (e.g. GM/Fisher), reducing transactions costs through

unified governance, avoiding expenditures for new plant

Circumventing price controls and onerous taxation

None of the above